Shaukat Tarin says 'budget 2022-23 will not be people-friendly'

ISLAMABAD: Former finance minister Shaukat Tarin said Thursday that the upcoming budget for the fiscal year 2022-23 will not be people-friendly, ARY News reported.

While talking to the ARY News programme ‘Power Play’, Shaukat Tarin warned of a new wave of inflation that will hit the Pakistanis after the budget 2022-23. He said that Miftah Ismail had already hinted at another rise in the inflation rate.

He detailed that unemployment will increase after a hike in the interest rate and it will lead to the closure of factories. He predicted that the interest rate would fly high up to 25 per cent and inflation up to 30 per cent.

READ: BUDGET 2022-23 TO BE PRESENTED TODAY

Tarin added that it would be a big achievement of the coalition government to register 2 to 3 per cent economic growth.

The former finance minister said that the coalition government will only impose new taxes including property tax which will not support the economy. He added that the coalition government will seemingly accept the conditions of the International Monetary Fund (IMF).

READ: RUSSIA READY TO PROVIDE CHEAP OIL TO PAKISTAN IF CONTACTED: CG

“PTI government had not violated the IMF agreement. We were going to sign an agreement with Russia for cheap oil. Miftah Ismail is not pursuing the agreement with Russia due to being afraid of the United States (US). Russian oil will reduce the price of petrol up to Rs50 per litre.”

He recommended the federal government increase salaries by up to 35 per cent besides reducing the state expenditures.